Unprecedented Achievements at COP28: A New Era of Global Cooperation on Climate Change

2023-12-12 12:24:15

Unprecedented achievements have been achieved by the United Nations Conference on Climate Change, COP28, held in the UAE from its inception on November 30th until today, within the framework of climate action efforts, to reflect the world’s shift to a new era of cooperation to address the repercussions of climate change in order to preserve the planet.

At the top of the achievements achieved during the conference is the unification of the efforts of all concerned parties, which was lacking in previous versions of the conference, in addition to attracting funds to support efforts to adapt to climate change and mitigate its effects.

At its conclusion, the COP28 conference seeks to reach a fair and equitable agreement to limit the repercussions of climate change, constituting a transitional station in the history of climate conferences.

What distinguished the conference this year was the broad participation and commitments made by many countries and institutions, in addition to the opening of new files and issues and their inclusion on the agenda, in addition to the new initiatives, as well as the most prominent point on the first day of the conference, which was the activation of the Loss and Damage Fund, then The UAE, the host country, announced the launch of a climate solutions fund worth $30 billion.

Seriousness

In this regard, the head of the Department of Environmental Biotechnology and member of the Arab Union for Climate and Environment, Tahseen Shuala, confirmed in exclusive statements to “Iqtisad Sky News Arabia” website, that the current version of the United Nations Climate Change Conference COP28, which is hosted by the United Arab Emirates, is significantly different. Significantly compared to previous conferences, especially in light of the geopolitical circumstances the world is going through.

Despite this exceptional and broad momentum achieved by the conference, Al-Shuala believes that even more momentum could have been achieved had it not been for geopolitical factors.

He stressed that the COP28 summit had a significant positive impact on previous climate conferences, and achieved progress on several issues. On top of which is the financing file, noting that the most prominent success of that summit makes it a new stage in the history of climate conferences, which is the shift from being merely a summit to issue international pledges to realistic, implementable decisions.

He stated that the climate change crisis has become very serious after the world sensed the danger that threatens everyone. With a quick glance at last year and the occurrence of Hurricane Daniel, which within a few hours caused the destruction of Greece and incurred losses worth millions, in addition to the Libyan city of Derna and its destruction and great loss of life. And other similar events, we find that no one is immune from the impact of climate change, pointing out that those places that are exposed to destruction require restructuring and great costs.

Imminent danger

The head of the Department of Environmental Biotechnology and a member of the Arab Union for Climate and Environment said that many countries around the world have begun to look seriously and realistically at the danger to which the world has begun to be exposed, with climate problems expected to increase in frequency during the coming period. To avoid this, countries, especially the largest, will be subject to the decisions of COP 28. To constitute a transitional phase, citing the fact that since 2015, China has been working to increase reliance on green fuels and new and renewable energy, and that England and other countries have followed suit.

Also, some Arab countries – such as Egypt, the Emirates, Saudi Arabia, and Oman – moved to establish new energy projects.

The member of the Arab Union for Climate and Environment pointed to some decisions that reflected the seriousness of the participating countries and made the current summit a transitional station in the history of climate conferences, including:

Activating the Disaster Response Fund and beginning to mobilize support from major countries such as the United States of America.
The United States of America provides support to the Green Climate Fund worth $3 billion.
50 global oil companies pledged to decarbonize by 2050
Providing more than one initiative for both the World Bank and the United Nations for clean use and new and renewable energy and supporting their research projects.

Climate finance

For his part, Alaa Sarhan, professor of environmental economics in Cairo, in statements to the “Eqtisad Sky News Arabia” website, praised the achievements of the current version of the climate conference, stressing that it is an important transitional and historical station in the history of climate conferences.

He stressed that the success of the current version of the climate conferences was demonstrated by mobilizing climate funds, and completing the picture to help developing countries adapt and adjust to the repercussions of climate change as a proactive and protective measure to address the phenomenon of climate change, and to have the ability to confront and respond by having an infrastructure that can withstand the changes. Protective programs and proactive measures so that these countries do not reach the stage of resorting to the Loss and Damage Fund.

Hoekstra: Activating the “Loss Fund” at COP28 is a major achievement

He also pointed out that the current edition of the conference achieved unprecedented achievements, noting in particular:

The COP28 summit began with what the Sharm El-Sheikh summit ended last month with the implementation of the historic decision regarding the announcement of the establishment of the Loss and Damage Fund, which is what the international community has been waiting for for years, especially the most affected and fragile countries and developing countries.
This came in response to the UAE and its belief in the rights of countries affected by the repercussions of climate change, which is considered a strong impetus and a major achievement for climate action.
A good indicator in this context is also the decision to have the World Bank manage the fund during the first years of its activation, until the activation plan, work program, and operational procedures are developed.

Regarding other successes achieved by the ongoing summit in the context of climate finance as well, he pointed to the pledge of several countries to provide contributions to the fund, which aims to provide financing to countries affected by the repercussions of the phenomenon of climate warming, in addition to the UAE’s announcement of the launch of a climate solutions fund worth $30 billion in financing for solutions. Climate Fund, to be the largest investment fund to stimulate global climate action.

He stated that there are some additional climate investments that the UAE has pledged during the next seven years, with about $130 billion in additional climate investments during those years, in addition to the World Bank also announcing in the first days of the summit that it will allocate 45 percent of its annual funding to projects and programs. Especially regarding climate changes.

The professor of environmental economics in Cairo praised the announcement that 134 countries had signed the COP28 Declaration on Sustainable Agriculture, and that it had garnered about two and a half billion dollars to carry out sustainable agriculture and smart agriculture programs, noting that food systems are responsible for nearly a third of the greenhouse gases caused by humans, but they are threatened. Increasingly due to climate warming and loss of biodiversity.

Obligations

Some international charities pledged to provide $450 million in climate investments, as well as the UAE pledged to provide $150 million in funding for water security solutions, and the United States pledged to put $3 billion to the Green Climate Fund, which helps developing countries confront changes.
The COP28 climate conference mobilized more than $83 billion in financial funding towards climate action, which is a new historic achievement that represents a shift in a new era of global cooperation on climate change, and is unique to the current version of the conference.

These announcements include first-ever pledges to transform food systems and health, as well as announcements on renewable energy and efficiency, as well as initiatives to decarbonise emissions-intensive heavy industries.

On the first day of the Conference of the Parties, the COP28 Presidency facilitated a landmark agreement to activate the Climate Impact Loss and Damage Fund, with $792 million already pledged to date.
$3.5 billion in financing was announced to replenish the balances of the Green Climate Fund (GCF).
$134 million in funding was announced for the Adaptation Fund.
Financing worth $129.3 million was announced for the Least Developed Countries (LDC) Fund.
$31 million financing for a Special Climate Change Fund (SCCF)
The UAE has launched a $30 billion Climate Finance Catalyst Fund (ALTÉRRA), and the Fund seeks to mobilize an additional $250 billion in financing globally.
The UAE has pledged $200 million in financing to help the most vulnerable countries (most vulnerable to the repercussions of climate change) through its special drawing rights with the International Monetary Fund.
The UAE pledged $150 million to solve problems related to the lack of water resources, and solutions to water security in fragile and vulnerable communities in the world.
The World Bank announced an increase of $9 billion annually during 2024 and 2025 in financing climate-related projects, and other multilateral development banks also announced a cumulative increase of more than $22.6 billion for climate action.

Transition in the energy sector

Professor of Environmental Studies, Abdul Masih Samaan, confirmed in exclusive statements to “Iqtisad Sky News Arabia” website that the current summit played a major role in accelerating efforts to achieve a transition in the energy sector, which reflects the fact that it represents a shift in the history of climate conferences.

He praised taking steps towards achieving the goals of the Paris Climate Agreement, most notably achieving carbon neutrality by 2050, by reducing emissions by 43 percent by 2030, with the aim of limiting temperature rise to 1.5 degrees Celsius.

He pointed out that the current summit has made remarkable progress in two files in which it was important to reach solutions, namely the energy and finance files, stressing that in order for the UAE to maintain this progress that it achieved while hosting the Cop28 Summit, it must continue to make efforts for the coming year, which is the duration of the period. Transitional until the new version starts in another country “Azerbaijan”.

He stated that, similar to the Egyptian efforts after the previous edition, which was hosted by the city of Sharm El-Sheikh, to establish a Loss and Damage Fund, the UAE must make a great effort in an effort to complete its honorable role and for there to be a response from countries to what was approved by the summit, in light of many economic challenges.

The COP28 pledge to increase renewable energy production capacity and double energy efficiency has been endorsed by 130 countries.
The COP28 UAE Declaration on Food Systems, Sustainable Agriculture and Climate Action was adopted by 153 countries.
The COP28 UAE Declaration on Climate and Health was adopted by 141 countries.
The UAE COP28 Declaration on Climate Finance was adopted by 13 countries.
The Global Cool Pledge has been endorsed by 66 countries.
The COP28 UAE Declaration on Climate, Relief, Recovery and Peace was endorsed by 78 countries and 40 organisations.
The UAE COP28 Declaration on Low Emission Hydrogen and Its Derivatives has been endorsed by 37 countries.
The COP28 UAE Declaration on Gender Equality in Transitions Supporting Climate Action was adopted by 78 countries.
The Coalition for High Ambition Multilevel Partnerships (CHAMP) pledge has been endorsed by 67 countries.
The COP28 pact to reduce oil and gas sector emissions saw the joining of 52 companies, representing 40 percent of global oil production.
The Industrial Transition Accelerator has been endorsed by 35 companies and 6 industry associations, including the World Steel Association, the International Aluminum Institute, the Global Renewable Energy Alliance, the World Cement and Concrete Association, the Oil and Gas Sector Climate Initiative, and the International Air Transport Association.